New instructions have appeared on the certificate that must accompany a streamlined filing. You can get a copy HERE. Persons seeking to catch up on overdue filings are now instructed to provide the following information under oath:
Provide specific reasons for your failure to report all income, pay all tax, and submit all required information returns, including FBARs. Include the whole story including favorable and unfavorable facts. Specific reasons, whether favorable or unfavorable to you, should include your personal background, financial background, and anything else you believe is relevant to your failure to report all income, pay all tax, and submit all required information returns, including FBARs.
Additionally, explain the source of funds in all of your foreign financial accounts/assets. For example, explain whether you inherited the account/asset, whether you opened it while residing in a foreign country, or whether you had a business reason to open or use it. And explain your contacts with the account/asset including withdrawals, deposits, and investment/management decisions. Provide a complete story about your foreign financial account/asset. If you relied on a professional advisor, provide the name, address, and telephone number of the advisor and a summary of the advice. If married taxpayers submitting a joint certification have different reasons, provide the individual reasons for each spouse separately in the statement of facts. The field below will automatically expand to accommodate your statement of facts.
I don't think anyone should sign this form without getting legal counsel first. Period. When you submit a streamlined filing, you risk having everything in the filing used against you if the IRS decides your non-compliance was INTENTIONAL. When I have counseled clients facing criminal charges, before they make any statements to the Government, I would always get an immunity agreement first. People making a streamlined disclosure don't have such protection.
I just saw this new version of the form today. I'm going off to go think about how to explain this to my clients and help them judge whether this program is still suitable for them.